Fastest-growing firm in Central Mass. acquires Mass Save company in Danvers
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ConnectM Technology Solutions is located at 2 Mount Royal Ave. in Marlborough.
Marlborough-based green energy technology firm ConnectM Technology Solutions has acquired Danvers-based Green Energy Gains, a home performance contractor working in partnership with the Mass Save program.
The purchase transaction, which includes all of GEG’s issued and outstanding capital stock, was completed Wednesday, according to a Thursday press release from ConnectM. Financial terms were not disclosed.
“ConnectM has a vast pipeline of [master service agreements]MSAs providing us certainty of a runway to execute on our growth strategy,” Bhaskar Panigrahi, ConnectM chairman and CEO, said in the release.
In August, ConnectM made Inc. magazine’s annual list of the nation’s 5000 fastest-growing companies. As the list’s highest ranking company in Central Massachusetts, ConnectM rose from #636 in 2023 to #104 in 2024, reporting growth of 3,078%.
ConnectM is looking at other acquisitions as well, Panigrahi said.
GEG provides free home energy assessments, air sealing, and insulation services in an effort to reduce homeowner utility bills. ConnectM plans to leverage GEG’s cohort of HVAC contractors to break into the flywheel distribution market and boost sales of the company’s heat pumps.
“ConnectM’s acquisition of Green Energy Gains presents an exciting opportunity to advance from our grassroots organization and introduce scale to GEG’s core home energy assessment and weatherization operations, while also expanding our product portfolio with ConnectM’s heat pump,” Greg Kendall, CEO of Green Energy Gains, said in the release.
Mass Save is a program where Massachusetts residents and businesses can access energy assessments by contractors like GEG to improve their home and and building energy efficiency and save on utility bills. The program is paid for through a fee on electric bills and administered by electric and natural gas utilities.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
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